Thousands of applicants flocked to the main application for the 3rd New Town housing, confirming the strong demand from prospective homeowners in the metropolitan area despite rising prices and some pre-application winners opting out. The challenge now lies in the next steps, as there are currently no specific dates set for additional public housing applications following the Goyang Changneung S-3 and S-4 blocks.
According to the Korea Land and Housing Corporation (LH), the winners for the Goyang Changneung S-3 block were announced on August 18, while the S-4 block winners will be revealed on August 19. The S-3 block consists of 1,282 shared profit housing units, with an average competition rate of 23.1 to 1. The S-4 block, which offers 1,024 general public housing units, saw an average competition rate of 63 to 1.
Despite some pre-application winners dropping out, new demand surged, leading to successful outcomes. In the case of S-3, 626 out of 880 pre-application winners participated in the main application, resulting in a conversion rate of 71.1%. For S-4, 533 out of 779 pre-application winners took part, achieving a conversion rate of 68.4%.
Contracts for S-3 will take place from November 26 to December 1, while S-4 contracts are scheduled for November 16 to 19.
A similar trend was observed in the previously supplied Namyangju Wangseok 2 area. The A-3 block attracted 20,671 applicants for 163 general supply units, resulting in a competition rate of 126.8 to 1. The A-1 block saw 23,525 applicants for 223 units, achieving a rate of 105.5 to 1. In total, approximately 44,000 applicants vied for just 386 general supply units across both blocks.
Notably, the A-3 block's 59㎡A units had a staggering competition rate of 433.3 to 1, with 6,066 applicants for just 14 units. The Goyang Changneung S-1 block also recorded a competition rate of 61.2 to 1, with 11,135 applicants for 182 general supply units.
Although the selling prices have risen beyond initial expectations during the pre-application phase, the strong demand remains concentrated around public land with relatively good access to Seoul.
An industry insider noted, “While high application competition rates are promising, whether they translate into actual contracts is a separate issue, especially given the rapidly changing government real estate policies and the increased costs of financing.”
Attention now turns to future supply. The government aims to start construction on over 50,000 units in public land across the metropolitan area this year, including the 3rd New Towns, and plans to offer 29,000 units for sale. The goal is to reduce conflicts over permits for public land and accelerate project timelines to increase supply.
In particular, the second half of the year is expected to see a significant increase in the scale of public housing projects involving private participation, led by LH. The selection of private developers for approximately 25 blocks, totaling 17,156 units, has been completed, and subsequent procedures such as permitting are currently underway.
According to an LH official, “The strength of private participation projects lies in combining the advantages of public and private sectors to quickly provide high-quality public housing to the public. We will ensure that all remaining projects proceed smoothly through necessary procedures to meet our annual construction plans.”
* This article has been translated by AI.
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